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Google (NASDAQ:GOOG) has a holiday gift for advertisers; the company launched a new advertising product on the DoubleClick Search Advertising blog Tuesday that will enable advertisers to track consumers’ purchases offline and match them to their online behavior.
What does this advertising tool do?
As Google stated in its announcement, Conversions API will capture offline consumer purchasing information by uploading “new conversions to account for in-store transactions, call-tracking, or other offline activities, or edit existing conversions to account for discounts, returns, credit, or fraud.” A conversion, which is a key metric used by advertisers, occurs when a consumer views an advertisement and makes a purchase.
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Previously, customer purchases that were made in brick-and-mortar stores could not be used to target search ads. But as Google realized, online advertising generates more than online sales; it also fuels offline conversions. Now Google Analytics can capture those “lost conversions” and and combine them with online search histories, allowing companies to create more effective marketing.
CHEAT SHEET Analysis: How will Conversions API improve Google’s product pipeline?
One of the core components of our CHEAT SHEET Investing Framework requires that companies consistently produce successful products or services. In this case, Google’s Conversions API will expand the its search ad system, which is an important revenue source for the company. While Google dominates the online advertising market, the amount of money being spent on Internet advertising in the United States is growing exponentially, making the competition for advertisers’ dollars more fierce. With the launch of this new advertising product, Google will take its rivalry with Facebook (NASDAQ:FB) to a new level. The social network has already developed a similar product, its Custom Audiences tool, which allows advertisers to upload their own customer data to better target consumers.
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